Forms W-8BEN and W-8BEN-E: IRC Section 1446(f) Withholding, Claiming Withholding Exemptions, and Treaty Benefits
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Tax Preparer
- event Date
Monday, September 23, 2024
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
110 minutes
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BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
This webinar will review the updated Series W-8 reporting requirements for Forms W-8 BEN-E, W-8 BEN, and W-8 ECI. Our panel of foreign tax veterans will provide a comprehensive review of the reporting requirements and an explanation of the underlying tax legislation necessitating the preparation of these forms.
Mr. Brister specializes in U.S. tax planning and compliance for non-U.S. families with international wealth and asset protection structures which include foreign trusts, estates and foundations that have a U.S. connection, as well as foreign companies wanting to do business in the U.S. He also specializes in foreign investment in U.S. real property, and other U.S. assets, pre-immigration tax planning, U.S. expatriation matters, U.S. persons in receipt of foreign gifts and inheritances, foreign accounts and assets compliance, offshore voluntary disclosures, FATCA registration, executives working and living abroad and annual reporting. He has been widely published, in addition to speaking at numerous international engagements.
Mr. Gray's practice is focused on tax controversy, IRS Offshore Voluntary Disclosure programs, FATCA, and international taxation. He is an adjunct professor at New York Law School where he teaches a course on the taxation of intangible property. He is a frequent presenter and writer on various corporate and tax topics. Prior to forming his firm, he was an attorney at several large law firms, where he focused on capital markets, financial products, international tax, and corporate and partnership tax.
Mr. Tolub formed GRAY TOLUB LLP in New York to better serve the firm’s international clientele, either based abroad and investing in the U.S. or based in the U.S. with multi-national assets. Among other areas, he has extensive experience in U.S. real estate inbound transactions both from a tax and non-tax perspective.
W-8 forms are submitted to businesses, not the IRS. Still, the preparation of these forms can allow foreign taxpayers to claim exemption from certain withholdings and treaty benefits.
There are obligatory withholding requirements under IRC Section 1446 on sales of interests in PTPs. A TIN is required for withholding under Section 1446(f). Without a valid TIN, mandatory 10 percent withholding on the amount realized is required.
Without a properly completed Form W-8 BEN-E, U.S. payers must collect 30 percent withholding on certain interest payments, dividends, and other income effectively connected with a U.S. trade or business. Using expired W-8 forms can subject taxpayers to these maximum statutory withholding rates. International tax practitioners and multinational companies should grasp the new items and requirements of the W-8 series forms.
Listen as our panel of international reporting experts explains how to correctly complete the newly added lines and boxes to Forms W-8 and recommendations for updating existing Forms W-8 before the impending deadline.
- Series W-8 reporting background
- Recent updates
- W-8 BEN
- W-8 BEN-E
- W-8 ECI
- W-8 IMY
- Best practices
The panel will cover these and other significant issues:
- Legislative background for the Series W-8 reporting forms
- The 10 percent withholding requirement under IRC Section 1446(f)
- Claiming treaty benefits on Line 10 of Form W-8 BEN
- Best practices for updating existing Forms W-8
Learning Objectives
After completing this course, you will be able to:
- Identify specific updates to Form W-8 BEN-E
- Determine strategies for updating existing Forms W-8
- Decide when revised Forms W-8 are required
- Ascertain when 10 percent withholding is required under IRC Section 1446(f)
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
